There is an oversupply of wine on the world market, and therefore farmers in some countries have started burning their vineyards. This was reported by Bloomberg.
So, in Australia, local resident Tony Townsend burned half of his 14-hectare vineyard in 2023, because otherwise he could lose 23 thousand dollars, and in the future he plans to completely abandon wine production due to economic inconvenience.
Up to 25% of Australian winemakers plan to close their businesses because they see no future, according to Lyndall Rowe, chief executive of industry group Riverland Wine. Bloomberg notes that the rest of the world is facing a similar situation: Even though wine production has reached its lowest level in the last 60 years, stocks are very high.
At the same time, the costs of producing wine products have risen sharply in recent years and the demand for alcohol has decreased.
This situation is not seen in every country. For example, in Russia winemakers in January – February augmented Its production increased by 31.2%, reaching 4.44 million decalitres of grape wine. Also during this period, more vodka began to be produced in Russia. The indicator did not show a very significant increase – +5.5% compared to the same period in 2023, reaching 10.36 million decalitres.
Previously reportedThat Russian wines may become more expensive.